Forex - XAU/USD (Gold) Technical Analysis

The gold has continued its bearish movement and the breakout of 1550 points gave us a new sell signal. Currently, the gold is moving towards the next support at 1520 points. The pair continues below the lower band of its medium term bearish channel (purple lines). All indicators are bearish. We maintain to trade only short positions as far as 1577 points is resistance. The breakout of 1520 will both a new sell signal and open the way towards 1500 points. In case of return above 1577 points, we will wait the breakout of 1600 to advise long positions.